Investors from the Gulf nation have already seen their holdings decline in value by two thirds

A proposed merger between Deutsche Bank and Commerzbank seems to be more and more likely to occur. Yet the deal has faced stiff opposition from different figures within and outside the company.

At the beginning of March, for instance, two labor representatives on Deutsche Bank’s board said openly that they do not want the deal to take place, with one of them calling the prospective merger “economic nonsense.”

Now some major shareholders at the German banking giant have also expressed concerns about a deal with Commerzbank. According to Bloomberg, investors from the Gulf nation of Qatar want some reassurances and compensation if a merger does go ahead.

Qatari investors plowed money into Deutsche Bank five years ago. According to a January report by Reuters, the Qatari royal family – led by Emir Tamim bin Hamad Al Thani – controls 6.1 percent of the German firm.

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Since making their initial investments, the Qataris have seen a precipitous decline in the value of their holdings. According to Bloomberg, the Gulf investors’ shares have lost approximately two-thirds of their value in the past five years.

Now, these investors are anxious that a merger with Commerzbank could further devalue their investments. Specifically, there are fears amongst Qatar’s investors that Deutsche Bank will have to raise equity in a share sale in order to fund the deal.

To prevent any damage to their holdings, Qatari investors have – Bloomberg claims – sought concessions from the German bank. The media outlet did not elaborate as to what those concessions were.

It is thought that Deutsche Bank will require 8 billion euros ($9 billion) in funding if it is to complete the merger with its German rival. The bank has already had $34 billion worth of cash injections over the past decade to facilitate different restructurings.